Company Overview - mF International Limited is a British Virgin Islands holding company with three operating subsidiaries in Hong Kong [1] - The principal subsidiary, m-FINANCE, specializes in financial trading solutions, particularly through SaaS [1] - m-FINANCE has approximately 20 years of experience in providing real-time forex and commodities trading platform solutions [1] Annual General Meeting Resolutions - The shareholders approved the re-appointment of Yu Certified Public Accountant, P.C as the independent registered public accounting firm for the year ending December 31, 2025 [3] - Several directors were re-appointed to hold office until the next annual general meeting, including Mr. Tai Wai (Stephen) Lam, Mr. Chi Weng Tam, Mr. Sum (Philip) Cheng, Ms. Lai Sum (Christina) Liu, and Mr. Cheuk Ho Chan [3] - A consolidation of the issued and outstanding shares was approved on an 8:1 basis for both Class A and Class B ordinary shares [3] Product and Service Offerings - m-FINANCE provides a range of financial trading solutions including the mF4 Trading Platform, Trader Pro, and various liquidity solutions [1] - The company serves clients across mainland China, Hong Kong, and Southeast Asia, offering value-added services such as mobile applications and financial information [1]

Core Viewpoint - Maple Leaf Foods reaffirms its commitment to diversity on its Board of Directors, aiming to maintain at least 30% representation of women, despite a temporary drop to 27% [1][2]. Group 1: Board Diversity Commitment - The Company has historically maintained a minimum of 30% women on its Board of Directors [1]. - Currently, the representation of women on the Board is at 27%, but the Company is committed to adding another woman director by or before the 2026 annual meeting of shareholders [1]. Group 2: Company Overview - Maple Leaf Foods is a leading protein company that produces food products under various brands, including Maple Leaf®, Schneiders®, and LightLife® [3]. - The Company employs approximately 13,500 people and operates primarily in Canada, the U.S., and Asia [3]. - Maple Leaf Foods is headquartered in Mississauga, Ontario, and its shares are traded on the Toronto Stock Exchange under the ticker MFI [3].

Core Viewpoint - Maple Leaf Foods is advancing its strategic Blueprint through the spin-off of its pork operations to form Canada Packers Inc., which will become an independent public company focused on premium quality pork products and sustainable protein [2][3] Transaction Details - The company has secured an interim court order for a shareholder meeting scheduled for June 11, 2025, to approve the spin-off transaction [1] - Pre-transaction agreements have been established, including an arrangement agreement and a tax matters agreement, to facilitate the transaction [5][6] Benefits of the Transaction - The spin-off is expected to enhance strategic focus, allowing Canada Packers Inc. to optimize its operations and pursue opportunities in global markets [2][3] - The transaction aims to unlock shareholder value by providing distinct investment propositions for both Maple Leaf Foods and Canada Packers Inc. [3] - Shareholders will have more focused investment opportunities, retaining similar economic exposure through two independent companies [3][4] Management and Structure - A senior management team for Canada Packers Inc. has been announced, bringing industry expertise to lead the new company [9] - The transaction will be structured as a tax-free "butterfly reorganization" under Canadian law [5] Conditions for Completion - Completion of the transaction is subject to shareholder approval, TSX approval, final court approval, and an advance income tax ruling from the Canada Revenue Agency [8]

Core Insights - mF International Limited filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on April 23, 2025 [1] Financial Performance - The Company reported revenue of HK$26.1 million and gross profit of HK$12.3 million for fiscal year 2024 [2] - mF International ended the year with a cash position of HK$22.0 million as of December 31, 2024, compared to HK$6.8 million as of December 31, 2023 [2] Business Developments - In April 2024, the Company completed its initial public offering, raising net proceeds of approximately US$5.7 million [3] - In January 2025, m-FINANCE Limited received the Good MPF Employer Award 2023-24, recognizing its commitment to employee retirement security [4] - In February 2025, m-FINANCE launched the upgraded mobile trading application "Trader Pro," which offers extensive customization for brokers [5] - In March 2025, m-FINANCE formed a strategic partnership with CBCX Markets Limited to enhance its liquidity network [6] - In April 2025, m-FINANCE launched "AI-Commentary," an advanced analytical suite integrated into its mF4 Trading Platform [7] Strategic Vision - The Company aims to expand its market share in Asia through strategic investments in marketing and business development initiatives [8] - The focus on product innovation and strategic partnerships is intended to enhance product offerings and market reach [8]

Revenue Performance - Revenue decreased by HK$2,970,650 or 8.5% from HK$34,931,827 in 2022 to HK$31,961,177 in 2023, primarily due to declines in liquidity services and quotes/news/package subscription services [281]. - Revenue from initial set up, installation, and customization services increased by HK$1,833,003 or 25.7%, from HK$7,140,076 in 2022 to HK$8,973,079 in 2023 [282]. - Revenue from liquidity services decreased by HK$4,073,070 or 60.8%, from HK$6,699,586 in 2022 to HK$2,626,516 in 2023 [284]. - Revenue from white label services increased by HK$233,010 or 12.3%, from HK$1,889,188 in 2022 to HK$2,122,198 in 2023 [285]. - Revenue decreased by HK$5,875,859, or 18.4%, from HK$31,961,177 in 2023 to HK$26,085,318 in 2024, mainly due to declines in initial setup and customization services [311]. - Revenue from initial setup, installation, and customization services plummeted by HK$6,272,880, or 69.9%, from HK$8,973,079 in 2023 to HK$2,700,199 in 2024 [313]. - Liquidity service revenue dropped by HK$723,621, or 27.6%, from HK$2,626,516 in 2023 to HK$1,902,895 in 2024 [314]. - Hosting, support, and maintenance services revenue increased by HK$555,575, or 12.8%, from HK$4,338,184 in 2023 to HK$4,893,759 in 2024 [317]. - White label service revenue rose by HK$896,363, or 42.2%, from HK$2,122,198 in 2023 to HK$3,018,561 in 2024 [318]. Operating Expenses - Operating expenses increased by HK$406,637 or 3.7%, from HK$10,876,654 in 2022 to HK$11,283,291 in 2023 [280]. - Total operating expenses surged by HK$20,390,139 or 180.7%, from HK$11,283,291 in 2023 to HK$31,673,430 in 2024, driven by significant increases in selling and marketing expenses (2,498.4%) and general and administrative expenses (145.9%) [327]. - General and administrative expenses rose by HK$476,091 or 4.5% from HK$10,634,851 in 2022 to HK$11,110,942 in 2023, largely due to initial public offering expenses [299]. - Employee-related costs increased by HK$936,941 or 15.0%, from HK$6,253,858 in 2023 to HK$7,190,799 in 2024 due to bonuses and salary increases [321]. Net Income and Profitability - Net income decreased by HK$189,718 or 2.8%, from HK$6,818,599 in 2022 to HK$6,628,881 in 2023 [280]. - Total gross profit decreased by HK$453,618 or 2.5% from HK$18,419,125 in 2022 to HK$17,965,507 in 2023, while the gross profit margin increased from 52.7% to 56.2% [296]. - Total gross profit decreased by HK$5,663,313 or 31.5%, from HK$17,965,507 in 2023 to HK$12,302,194 in 2024, with gross profit margin falling from 56.2% to 47.2% [326]. - Net income turned into a net loss of HK$20,210,992 for the year ended December 31, 2024, compared to a net income of HK$6,628,881 in 2023 [340]. Cash Flow and Financing - Cash and restricted cash increased to HK$21,999,787 (US$2,832,213) as of December 31, 2024, from HK$6,810,418 in 2023, following the IPO proceeds of HK$44,376,168 (US$5,689,251) [343]. - The company generated positive working capital of HK$16,962,651 (US$2,183,741) in 2024, compared to negative working capital of HK$2,077,323 in 2023 [343]. - For the year ended December 31, 2024, the net cash used in operating activities was HK$21,877,518, primarily due to a net loss of HK$20,210,992 [353]. - The company experienced a net cash inflow from financing activities of HK$45,493,432 for the year ended December 31, 2024, mainly from IPO proceeds of HK$58,500,012 [359]. - The net cash used in investing activities for the year ended December 31, 2024, was HK$8,430,509, which included HK$7,967,033 for product and software development [356]. Research and Development - Research and development expenses decreased significantly by HK$68,639 or 85.8% from HK$80,012 in 2022 to HK$11,373 in 2023, with expectations for future increases in R&D spending [298]. - The company expects an increase in expenditures for research and development as it expands software development capacity to improve and develop new functions [298]. - Research and development expenses rose by HK$161,437 or 1,419.5%, from HK$11,373 in 2023 to HK$172,810 in 2024, reflecting an expansion in software development capacity [328]. - The company capitalized research and development costs of HK$7,967,033 in 2024, reflecting a growth from HK$5,993,675 in 2022 and HK$7,270,898 in 2023 [373]. Taxation - Total income tax expense decreased by HK$239,536, or 61.8%, from HK$387,845 in 2022 to HK$148,309 in 2023, primarily due to a decrease in income before taxes [308]. - The company reported a total income tax expense of HK$781,759 for 2024, an increase of HK$633,450 or 427.1% from HK$148,309 in 2023, primarily due to tax depreciation [339]. Governance and Shareholding - The company’s biggest shareholder, Gaderway Investments Limited, owns approximately 97.73% of the aggregate voting power of the outstanding Ordinary Shares, classifying it as a "controlled company" under NASDAQ standards [385]. - The board of directors consists of five members, with one female director and four male directors [382]. - The company has established three committees under the board of directors: an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee [394]. - The Audit Committee is responsible for overseeing the accounting and financial reporting processes, including reviewing annual audited financial statements with management and independent auditors [395]. - The Compensation Committee reviews and approves the total compensation package for senior executive officers and oversees long-term incentive compensation plans [398]. - The company has adopted a compensation recovery policy to recover erroneously-awarded incentive compensation as required by the Dodd-Frank Act [402]. - The beneficial ownership of Class A Ordinary Shares is based on 4,204,775 shares outstanding, while Class B Ordinary Shares total 9,046,892 shares outstanding [415]. - Directors and executive officers collectively hold 9,046,892 Class B shares, representing 100% of Class B voting power and 97.73% of total voting power [418]. - Gaderway Investments Limited is the only 5% shareholder, holding 9,046,892 Class B shares, which also accounts for 100% of Class B voting power and 97.73% of total voting power [418]. - Tai Wai (Stephen) Lam owns 5,567,457 Class B shares, representing 61.54% of Class B voting power and 60.14% of total voting power [418]. - Chi Weng Tam owns 3,479,435 Class B shares, representing 38.46% of Class B voting power and 37.59% of total voting power [418].

Core Viewpoint - Maple Leaf Foods Inc. is set to release its first quarter 2025 financial results on May 8, 2025, at 6:00 am ET, followed by a conference call at 8:00 am ET [1][2]. Group 1: Financial Results Announcement - The financial results for Q1 2025 will be disclosed on May 8, 2025, at 6:00 am ET [1]. - A conference call and webcast will follow the results announcement, starting at 8:00 am ET [1][2]. Group 2: Conference Call Details - The conference call will feature key executives including Curtis Frank (President and CEO), David Smales (CFO), and Dennis Organ (President, Pork Complex and incoming CEO of Canada Packers) [2]. - Participants can join the call by dialing 416-945-7677 or 1-888-699-1199, and playback will be available an hour after the event [2]. Group 3: Company Overview - Maple Leaf Foods is a leading protein company with a workforce of approximately 13,500 employees, primarily operating in Canada, the U.S., and Asia [4]. - The company produces food products under several well-known brands, including Maple Leaf®, Schneiders®, and LightLife® [4].

Core Insights - m-FINANCE Limited has launched "AI-Commentary," an advanced analytical suite integrated into its mF4 Trading Platform, aimed at enhancing brokers' operational efficiency and client engagement [1][5] - The AI-Commentary system aggregates real-time market data and translates complex information into clear insights, providing brokers with a scalable solution to better serve their clients [2][3] Company Overview - m-FINANCE is a wholly owned subsidiary of mF International Limited, providing forex and bullion trading solutions in Asia with approximately 20 years of experience [6] - The company operates primarily in Hong Kong and serves clients across mainland China, Hong Kong, and Southeast Asia, offering a range of financial trading solutions [6] Product Features - AI-Commentary leverages DeepSeek AI's large language models to automate analytical tasks, allowing brokers to focus on strategic client interactions [3][5] - The solution is available in "Basic" and "Advanced" tiers, supports multiple languages, and ensures robust security and regulatory compliance [3] Future Developments - m-FINANCE is also developing an AI Agent project to analyze traders' risk appetites and trading styles, which will recommend optimal signals and automate trade execution [4][5] - These advancements reflect the company's commitment to innovation in forex and bullion trading solutions [5]

Core Insights - m-FINANCE Limited has announced a strategic partnership with CBCX Markets Limited to enhance its liquidity network and provide better trading conditions for brokerage clients [1][4] - The collaboration aims to deliver advanced liquidity solutions, allowing brokers to access tighter spreads and deeper liquidity, which will improve execution efficiency and reduce costs for end clients [2][4] Group 1: Partnership Details - The partnership is designed to provide brokers with institutional-level trading experiences, leveraging CBCX's liquidity and m-FINANCE's advanced trading technology [4] - m-FINANCE expects that the integration of CBCX's liquidity solutions will enable rapid execution with minimal latency, enhancing the trading experience for brokers [3][4] Group 2: Executive Insights - Mr. Chi Weng (Dick) Tam, CEO of m-FINANCE, emphasized the importance of market-leading liquidity in driving execution speed and pricing efficiency, highlighting CBCX's strong reputation in the industry [5] - Bilaal Adam, a Director of CBCX, reiterated the commitment to providing deep liquidity and customized solutions, aiming to create a dynamic trading environment through this partnership [5] Group 3: Company Background - mF International Limited, the parent company of m-FINANCE, operates in Hong Kong and has approximately 20 years of experience in providing financial trading solutions, including forex and bullion trading platforms [6] - m-FINANCE offers a range of services such as the mF4 Trading Platform, liquidity solutions, and value-added services for brokers and institutional clients across Asia [6]

Core Insights - Maple Leaf Foods Inc. will participate in the 28th Annual CIBC Retail and Consumer Conference on March 26, 2025 [1] - The Fireside Chat will feature CEO Curtis Frank and President Dennis Organ, moderated by CIBC analyst Mark Petrie [2] - An audiocast of the Fireside Chat will be available for access during the event [2] Company Overview - Maple Leaf Foods is a leading protein company with a diverse range of brands including Maple Leaf®, Schneiders®, and LightLife® [4] - The company employs approximately 13,500 people and operates primarily in Canada, the U.S., and Asia [4] - Maple Leaf Foods is headquartered in Mississauga, Ontario, and its shares are traded on the Toronto Stock Exchange under the ticker MFI [4]

Core Insights - The upgraded Trader Pro mobile trading application enhances customization and integration for brokers, allowing them to better engage users and grow their platforms [1][4] Group 1: Product Features - Trader Pro is designed for bullion and forex brokers, enabling quick customization and branding with unique logos and color schemes, which is expected to accelerate business growth [2] - The app includes an advanced content management system for real-time financial analyses, trading guides, and market updates, along with in-app ad spaces for targeted marketing [3] - It features a modular design for functional flexibility, integrated tools for market trend tracking, and support for 15 languages, creating a comprehensive ecosystem for brokers [3] Group 2: Company Overview - mF International Limited is a British Virgin Islands holding company with subsidiaries in Hong Kong, primarily engaged in providing financial trading solutions via SaaS [5] - The principal subsidiary, m-FINANCE, has approximately 20 years of experience in delivering real-time forex and commodities trading platform solutions and other value-added services [5]